CSL’s Global CR Committee has overall responsibility for the materiality process and executes a global materiality assessment on a biennial basis. In 2017/18, we concluded our third such assessment and followed the Global Reporting Initiative (GRI) standards of sustainability context, materiality, completeness and stakeholder inclusiveness through our process of identification, review and prioritisation. The application and disclosure of our materiality process against the GRI materiality principle definition was subject to limited external assurance by Ernst & Young.
Our third materiality assessment provided coverage across the CSL group of businesses, including Seqirus, but excluded our newly acquired operations in China (Ruide) and Calimmune. The first stage of the materiality process involved developing a universal list of topics driven by an evidence-based approach involving internal and external stakeholder interviews and considering a number of factors relevant to our organisation, such as: peer organisation reviews; existing and emerging global trends; alignment with CSL’s risk register; views of standard setting organisations (including GRI, SASB, DJSI and OEKOM);regulatory and legislative changes; geographical considerations; investor and patient group views as well as CSL’s ESG performance as independently assessed by CAER, CGI Glass Lewis and RobeccoSam; and media responses to CSL’s activities.
Material topics were prioritised by a group of 82 internal representatives from across the organisation who rated their importance by considering the perspectives of stakeholders and reviewing the potential impact to the business. The diversity of respondents at both a functional and geographical level ensured a broad set of views and perspectives. A resulting preliminary list of prioritised topics was provided externally to stakeholders (via a survey) for comment and validation. Stakeholders such as employees, investors and patient groups comprised the bulk of respondents and were in alignment with CSL’s prioritised top nine topics. Performance against these topics can be found in our 2018 Corporate Responsibility Report and our recent 2018/19 Combined Annual Report.
CSL will repeat the materiality assessment in the latter half of 2019/20.